AMARC RESOURCE LTD - AXREF STOCK NEWS

Amarc Resources announces Boliden's continued earn-in commitment for the DUKE Copper-Gold District project through 2025, with a $10 million budget. The 2024 program included extensive drilling and surface surveys, with delineation drilling at the DUKE Deposit revealing Cu-Mo mineralization and potential additional mineralization zones. The summer program completed over 5,800m of core drilling.

The DUKE District, located 80 km northeast of Smithers in British Columbia's Babine Region, is under a Mineral Property Earn-In Agreement with Boliden, who can earn up to 70% interest by funding $90 million in exploration and development. By 2024 year-end, Boliden will have contributed $20 million to the exploration program.

Amarc Resources (TSXV:AHR)(OTCQB:AXREF) has completed extensive 2024 drilling programs across its three copper-gold districts in British Columbia. At JOY District, the company completed 16,883m of drilling in 40 holes, funded by Freeport with an expected $12 million investment. At DUKE District, 10,643m were drilled in 28 holes across two phases, funded by Boliden with approximately $10 million investment. At IKE District, Amarc self-funded a $2.9 million program, including 1,873m of drilling in 9 holes, focusing on the Empress Cu-Au Deposit. The company completed extensive geophysical and geological surveys across all districts, with results pending release in the coming months.

Amarc Resources (TSXV:AHR)(OTCQB:AXREF) has completed a successful environmental collaboration at the JOY District in north-central British Columbia. The project, undertaken in partnership with Tsay Keh Dene Nation, Kwadacha Nation, and Takla Nation, focused on reclaiming two historical exploration camp sites abandoned by previous operators.

The reclamation was carried out at the Stealth and Pine exploration camps, with Chu Cho Industries providing labor and equipment at Stealth, and Kwadacha Nation assisting at Pine. Amarc and Freeport-McMoRan Mineral Properties Canada Inc., who are advancing JOY, demonstrated their commitment to environmental protection and responsible mineral development through this initiative.

A video showcasing the environmental reclamation is now available on the Amarc website, highlighting the collaborative effort and successful outcome of the project.

Amarc Resources announced the commencement of extensive core drilling at its 100%-owned JOY Copper-Gold District in British Columbia. Partnered with Freeport-McMoRan, this fully-funded program aims to discover porphyry Cu-Au deposits across eight large drill-ready sulphide mineralized systems. Focused on the PINE, Canyon, Twins, and SWT Targets, the program includes testing new and existing mineralized zones, such as NWG and the MEX Trend. Previous drilling has shown promising results with notable Cu, Au, and Ag concentrations. The program is a culmination of two years of geological, geophysical, and geochemical studies, designed to uncover significant mineral deposits.

Amarc Resources has resumed drilling at its DUKE porphyry copper-gold district in British Columbia. The summer focus is on the SVEA Deposit Target and the JO porphyry Cu-Au discovery. Initial results from historical drill holes and recent surveys show promising potential for substantial Cu-Au mineralization.

During the 2024 winter, nine drill holes totaling 4,828.2 meters were completed at the DUKE Deposit. Seven of these intersected significant Cu-Mo mineralization. Notable results include:

• 71m of 0.45% CuEQ in hole DK24033
• 110m of 0.38% CuEQ in hole DK24034
• 203m of 0.28% CuEQ in hole DK24035
• 48m of 0.34% CuEQ in hole DK24036
• 208m of 0.26% CuEQ in hole DK24037

Boliden Mineral Canada is continuing its earn-in agreement with a $10 million budget for 2024.

Amarc Resources announces its executive team's participation in two conferences in May 2024. The company will be presenting at the Metals Investor Forum Vancouver on May 10-11 and attending the 121 Mining Investment London Conference on May 15-16. Dr. Diane Nicolson, President & CEO, will lead the presentations and meetings at both events, showcasing Amarc's extensive Cu-Au Districts in British Columbia with funding secured for exploration drilling in 2024.

Amarc Resources is set to begin an extensive 2024 drilling program at its JOY Copper-Gold District in British Columbia funded by Freeport-McMoRan. The program aims to discover porphyry Cu-Au deposits and build upon previous geological surveys. The NWG Copper-Gold Porphyry Target, a new exciting prospect, shows strong scientific evidence for a potential porphyry system with multiple mineral anomalies. The drilling program is scheduled to begin in June, focusing on various mineral systems across the JOY District.

Amarc Resources introduces the JO porphyry copper-gold discovery in the Duke District, highlighting multiple new drill-ready targets discovered in central British Columbia. The success of the 2023 exploration program led to the identification of new porphyry Cu-Au centers. Boliden Mineral Canada funded $10 million in exploration expenditures in 2023 and will continue in 2024 with an additional $10 million. The 2023 field program employed various surveys to identify porphyry Cu-Au deposit targets. The JO Target discovery, located near the SVEA and DUKE deposits, shows promising attributes for potential mineralization. A reconnaissance drilling program is planned for the 2024 summer season.

Amarc Resources grants 6.4 million incentive stock options at $0.105 per share, with 5.5 million going to insiders. The options are for periods of three to five years and subject to TSX Venture Exchange approval.